Is Germany the NEW World’s Crypto Superpower

[slapper]

There have been several departments claiming they are working with bitcoin regulation and related paper. Yet, there is still no country to launch its first crypto-friendly system.  Actually, I believe that it is hard to attach cryptocurrency to a centralized system or a banking system. A whole new financial concept is required in order to implement new technologies. Our current system is still obsolete, but it is very useful for the world and other people who do not have a chance to interact with bitcoin and digital tokens. Visa still provides opportunities and cashback for whom using frequently

Recently, I have read an article saying that Germany is trying to stop a player from using Paypal and visas in an online casino. This move has been considered as a big change to the online gambling industry in general and the cryptocurrency in particular. More people tend to use cryptocurrency to avoid the laws and regulations in this country. This can bring more users to the crypto world

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[casperBGD]

There have been several departments claiming they are working with bitcoin regulation and related paper. Yet, there is still no country to launch its first crypto-friendly system.  Actually, I believe that it is hard to attach cryptocurrency to a centralized system or a banking system. A whole new financial concept is required in order to implement new technologies. Our current system is still obsolete, but it is very useful for the world and other people who do not have a chance to interact with bitcoin and digital tokens. Visa still provides opportunities and cashback for whom using frequently

Recently, I have read an article saying that Germany is trying to stop a player from using Paypal and visas in an online casino. This move has been considered as a big change to the online gambling industry in general and the cryptocurrency in particular. More people tend to use cryptocurrency to avoid the laws and regulations in this country. This can bring more users to the crypto world

yeah, but that regulation to stop usage of paypal and visa in online casino is related to laws that are oriented to online casinos, that are forbidden in some German counties, not in all, if i am not wrong
and they do not plan to allow crypto and make their own crypto-currency to make online gambling easier, they do want to develop better financial system

[Japinat]

It's a good sign that crypto is going to be successful in the long run.

When big countries take the lead, usually the small countries will just follow, and what you shared is a good news, and with regulation, adoption will follow constantly. Good thing they realize that crypto makes life easy and it provides a lot of opportunity that could help on their economy, also, people like transparency so crypto is a great choice as long as there's  a proper regulation.

[Vispilio]

Germany is at a disadvantage in terms of energy expenses and a highly valued fiat currency, and a strict bureaucracy; maybe someone more privy to the inner workings of

German politics can chime in, but it's very hard to perceive Germany as a Crypto Superpower under the current status-quo lover Merkel administration...

[exstasie]

Before this bill, Germany was known for being supportive on cryptocurrency when BAFIN release guideline during ICO madness. This only show how Germany accept and embrace the blockchain technology. They are also currently developing there own stable coin using Stellar, If this become successful and approved, They will be the first country that create there own stable coin and used on there own banking system which will be the game changer on financial world.

You got me excited for a second. Turns out, it's an extremely tiny bank (only 29 million EUR in total assets) that is developing this EUR stablecoin. In other words, they are an ant compared even to a small company like Tether. Doesn't really say much about Germany either.

https://www.coindesk.com/german-bank-to-offer-tokenized-securities-based-on-stellar

https://de.wikipedia.org/wiki/Bankhaus_von_der_Heydt

[tyz]

Definitely not. I am from Germany and I can tell you how much money I had to invest the last years to get the unregulated tax questions about cryptos solved. It's good times for tax consultants. They make a mint of money. Besides, this government is backward concerning economic development anyway and I don't believe in the framework described in the article. There will be so many exceptions and special cases that crypto companies will first have to hire a bunch of lawyers to navigate through this legal jungle. I still believe that smaller countries like Switzerland, Luxembourg, Liechtenstein and maybe the Netherlands have a better chance of becoming a crypto-powerhouse.

[peterpanda]

If germany accept crypto as legally, it will be a great era of crypto currency. Because for crypto currency, a lot of support are needed. If most of the country like germany support crypto, then it will improve within short range of time.

[verita1]

USA is very slow to accept crypto because it is a country that wants to keep its currency strong. As for Germany, it is an important bill that if implemented intact will be a great victory for the crypto space. Germany could offer its inhabitants the versatility of the use of blockchain, improving to decentralized values ​​that once suitable in that nation will continue throughout Europe to be a Crypto Superpower.

[BuNga_cute]

I am pleased with the move by the German government which is starting to show the courage to adopt cryptocurrency even further.
Hopefully other countries can follow the steps taken by Germany, because cryptocurrency is the future. So it will be regretted if a country
late realizes that cryptocurrency is very important for human life.

[samcrypto]

Many countries already show their support for cryptocurrency and its hard to say that Germany will become a crypto super power but this move is indeed great for all of us.

If there’s more countries to regulate and make laws to support cryptocurrency, then expect people to coming-in and since the demand increases and the supply decreases, we can feel the price slowly pumping.

[livingfree]

There's also a race in making each country's stable coin. I would consider the CBDC to be the same so it's not only Germany who has plans of making their own.

The first that I've read is with China and then the European Central Bank. Whichever comes first to them gets the first recognition. For them, it's important for this race to us, what's important is that they are recognizing and adopting.

[jonatha28]

This is another great news for adoption, I hope Germany becomes successful on implementing this so that other countries can start joining the crypto space. The key is to make it easy for everyone to understand and use this technology, this is similar to Symbol from NEM's seamless API integration which allowed the Lithuanian government to develop their own coin.

It is a great thing for adoption and surely will put Germany in a good place in terms of crypto market and crypto industry.
However, there is China with over 60% of bitcoin mining farms in it (if I'm not mistaken) so it has a lot of power and at the same time they're working on implementing own cryptocurrency country-wise.
So I can't think of a Germany as the superpower, but they have capacity to compete in crypto industry on the world level

[Darkoth89]

Definitely not. I am from Germany and I can tell you how much money I had to invest the last years to get the unregulated tax questions about cryptos solved. It's good times for tax consultants. They make a mint of money. Besides, this government is backward concerning economic development anyway and I don't believe in the framework described in the article. There will be so many exceptions and special cases that crypto companies will first have to hire a bunch of lawyers to navigate through this legal jungle. I still believe that smaller countries like Switzerland, Luxembourg, Liechtenstein and maybe the Netherlands have a better chance of becoming a crypto-powerhouse.

Well, Germany isn't really a pioneer when it comes to the digital world. Most authorities probably still use fax  . So it would really surprise me if the German government plays a leading role in Crypto adoption. However, if they see that this is potentially another way to earn taxes here, they will definitely do everything possible to tap that new source of income ....

[el kaka22]

This is really good. In the case of the country creating a stable coin, this is the first time I’m getting to know about that. Every other country that I know that have tried to create their own cryptocurrency, it all never worked out and they ended up dropping the project due to one reason or the other.

The only country that seemed to be serious about is China, and it was making waves around last year because of that, but ever since this year no one is talking about it any longer and it seemed to be forgotten, maybe because of the pandemic. And apart from that, it seems like they are no longer serious about it. I’m looking forward to them all to see what they have, and now you said that Germany is on the list, that’s good .

[Mauser]

This is really good. In the case of the country creating a stable coin, this is the first time I’m getting to know about that. Every other country that I know that have tried to create their own cryptocurrency, it all never worked out and they ended up dropping the project due to one reason or the other.

The only country that seemed to be serious about is China, and it was making waves around last year because of that, but ever since this year no one is talking about it any longer and it seemed to be forgotten, maybe because of the pandemic. And apart from that, it seems like they are no longer serious about it. I’m looking forward to them all to see what they have, and now you said that Germany is on the list, that’s good .

I don't think China can be taken serious in terms of crypto currencies. Every coin coming from them will be fully controlled by the communist party and will be first of all a political tool. In my opinion this is the complete opposite what crypto currencies stand for and will never be successful among independent investors.

As for Germany, the problem is that the Internet infrastructure and 5g mobile network coverage is not good. High speed broadband is lagging behind many other countries. Until Germany keeps investing heavily into its infrastructure I don't see them becoming a superpower.

[hatshepsut93]

No, this is just a "this is good for Bitcoin" type of wishful thinking. There's no grounbreaking news here, even if it's positive, it's small. Germany is more welcome of crypto than other countries, but it's not some libertarian crypto paradise.

This only show how Germany accept and embrace the blockchain technology. They are also currently developing there own stable coin using Stellar,

If something is good for "blockchain technology" or some shitcoins, it doesn't mean that it's good for Bitcoin, which is one of the few coins that still follows the original values of decentralization.

[d5000]

There are several aspects to consider. I am partly German and know the country well, thus I can share at least some insights.

First of all, Germany is already a "power" when it comes to Bitcoin usage. According to Bitnodes, there are ~1700 publicly visible Bitcoin full nodes in Germany. This is only slightly less than those in the US (~1900) and much more than in China (~175). So in nodes per capita, Germany has one of the strongest presences of nodes.

On the other hand, like @tyz already wrote, Germany has a tendency to over-regulation. For example, in the last month one of the most discussed news in the German Bitcoin forum was that all shitcoins.club Bitcoin ATMs were closed in the country (shitcoins.club was the leading provider in Germany). While there are still some ATMs, the ATM density is now one of the lowest in Europe. This is in contrast to neighbors like Austria and Switzerland, but also France, which are much less restrictive here.

It is also very difficult for Bitcoin startups to operate legally in Germany due to the strict regulations. More or less, few things are forbidden but you need a lot of capital to fullfill requirements. So there is no major exchange located in Germany, only a P2P marketplace (Bitcoin.de) and some smaller service companies like Bitwala. The new law draft is also a step in this direction, although it also provides some legal clarity for some services.

[YOSHIE]

In the last few days I have seen very often in local & international media, about Germany both about current crypto in Germany and also gambling, Germany may be currently heading for cryptocurrency heaven.

On the contrary, other countries have many pros and cons of crypto, Germany has one positive thing about Bitcoin, why not, As far as I know, that the citizens of these countries can own currencies such as Bitcoin, Ethereum, and several other cryptos that are directly related to the Bank, This opens up quite a good opportunity for the German people to have direct access to their crypto assets.

OP, there is no doubt about Germany in the future, a new crypto world will occur in Germany.

[beerlover]

When you are talking about Germany they are superpower in basically everything in the world. Dudes literally the only country I can remember in my entire life that made a profit as a nation, I don't know what it is called when you profit (seriously) but you know how when a nation sells stuff to other nations and buys stuff from other nations, well they are in profit.

Obviously China has been doing that for a long time but they are both not super power because world uses them as just a factory and not really care about them, which they do enjoy, but Germany is in the middle of Europe and has been so awesome for the last 50 years or so. So, if they want to get into the crypto world, believe me they are not going to have any type of competition from anyone, they will become the biggest and best in all of Europe easily and compete for the whole world as well.

[Yey09]

We dont have any super crypto country in the world right now. In any we can find problems with regulation, no one is supporting crypto at gov level